Demonetised currency worth one crore seized, Seven people were arrested.

Andhra Pradesh police caught a gang of seven members, who tried to exchange demonetised currency worth one crore in Vijayawada.

Joint Commissioner of Police B. V. Ramana Kumar said that the gang has been taken into custody when they were exchanging the demonetised currency.

“This amount was found in demonetised currency with a Chennai-based financier Jayachandran from Tiruvottiyur, who failed to change Rs 5 crore worth currency in the designated time by the government. Later, he approached few members who assured to exchange Rs 3 crore and eventually got cheated and received fake currency,” he added.

In a similar incident, the Border Security Force (BSF) yesterday seized Rs 2000 denominatised Fake Indian Currency Note (FICN) with face value of Rs. 1.96 lakhs from Malda’s Sabdalpur area of west Bengal.

The armed force recovered the currency on June 17 on receipt of information regarding the trafficking of fake currency in the area of Khumbhira.

The apprehended miscreant revealed his identity as Nijamul Haque and hails from Malda district.